Best Banks in Nigeria to Open Savings Account For Kids and Children in 2023

If you’re looking for the best banks in Nigeria to open a savings account for your kids or children in 2023, you’ve come to the right place. Choosing a bank is an important decision, and there are many factors to consider before making your choice. 

In this blog post, we’ll discuss the various options available and provide you with some tips to help you decide which bank is the best fit for your family. Read on to find out more about the best banks in Nigeria for kids and children in 2023.

FirstBank of Nigeria – KidsFirst Savings Account

If you are looking to open a savings account for your child or children in Nigeria, the KidsFirst Savings Account offered by FirstBank of Nigeria is a great option to consider.

FirstBank of Nigeria is one of the leading banks in Nigeria with a reputation for providing excellent banking services to its customers. 

With the KidsFirst Savings Account, FirstBank provides a savings account tailored specifically to kids and children.

One of the standout features of the KidsFirst Savings Account is that it can be opened with as little as N1000, which makes it a great option for parents who are just getting started with saving for their child’s future. Additionally, there are no account maintenance fees for children under the age of 18, which means that parents can save for their child without worrying about any additional costs.

Other features of the KidsFirst Savings Account include free Internet banking, which allows parents to monitor their child’s account and transactions from the comfort of their home. FirstBank also provides a KidsFirst savings card, which enables children to withdraw money from their accounts and make purchases at selected stores.

Overall, the FirstBank of Nigeria – KidsFirst Savings Account is an excellent option for parents looking to save for their child’s future. With competitive interest rates and a range of features designed specifically for children, this savings account provides a great way to start building a financial foundation for your child.

Guaranty Trust Bank (GTBank) – Smart Kids Save (SKS) Account

Another top option for parents looking to open a savings account for their kids is the Smart Kids Save (SKS) Account from Guaranty Trust Bank (GTBank). This account is specially designed for children aged 0-17 years, making it a great choice for parents who want to start saving for their child’s future from an early age.

The SKS account offers a competitive interest rate of up to 1.75% per annum, which is one of the highest rates offered by Nigerian banks. The account can be opened with a minimum deposit of N1,000, and there are no monthly maintenance fees or hidden charges.

One of the unique features of the SKS account is the “Savings Box” feature, which allows children to set savings goals and track their progress towards achieving them. The account also comes with a debit card, which parents can use to control their child’s spending and monitor their transactions.

To open an SKS account, parents need to visit any GTBank branch with a valid means of identification for themselves and their child. They will also need to provide the child’s birth certificate, passport photograph, and any other required documents.

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Overall, the SKS account is a great option for parents looking for a savings account that combines competitive interest rates with fun and educational features that encourage children to develop good savings habits from an early age.

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Zenith Bank – Zenith Children’s Account

The Zenith Children’s Account is designed for children under the age of 18 who are interested in learning the importance of saving money. This savings account requires a minimum opening deposit of ₦1,000, and it comes with a competitive interest rate. 

The account is also free of any maintenance fees, and it allows parents to manage and monitor their child’s savings account.

One of the key features of the Zenith Children’s Account is the debit card that comes with the account. This card is specially designed for children and is equipped with security features that prevent unauthorized use. 

With this card, parents can allow their children to make withdrawals and deposits, and they can also set spending limits.

The Zenith Children’s Account also offers internet banking services, which allows parents to monitor their child’s savings account from the comfort of their own home. Parents can also use the Internet banking service to transfer funds to their child’s account, or they can set up a standing order to automate regular payments.

Overall, the Zenith Children’s Account is a great savings account for children who are just learning about the importance of saving money. The account is easy to use, and it comes with a range of features that make it an excellent choice for parents who want to teach their children good financial habits.

Access Bank – Early Savers Account

Access Bank offers a great savings account option for kids and children called the Early Savers Account. This account is specially designed to help parents teach their children the value of money and good financial habits from a young age.

With the Early Savers Account, parents can open a savings account for their child with just a minimum opening balance of N1,000. The account can be operated with either a passbook or an ATM card, and there are no monthly maintenance fees. 

The Early Savers Account also offers a competitive interest rate to help children’s savings grow faster. In addition, there is a savings target feature that allows parents to set savings goals for their children and monitor their progress toward achieving them.

Access Bank also provides financial education resources for parents and children through their Junior Achievers Club. Members of the club can attend financial literacy workshops and events, receive newsletters, and participate in fun activities to help them learn about money management.

Overall, the Access Bank Early Savers Account is an excellent option for parents who want to help their children develop good financial habits and start saving early. With a competitive interest rate and helpful resources, it’s a smart choice for any family.

United Bank for Africa (UBA) – U-Care Savings Account

UBA’s U-Care Savings Account is a perfect option for parents looking to teach their kids the value of saving money. This account can be opened for children aged 0-17 years and it has an attractive interest rate of 4.2% per annum.

The U-Care Savings Account also offers a free debit card for the child, and the parent or guardian can set a daily or monthly transaction limit on the card. Additionally, UBA offers a free insurance cover of up to N3 million in case of death, disability or critical illness of the account holder.

One great feature of the U-Care Savings Account is the ‘School Fees Advance’ option, which allows parents to access a loan facility to pay their child’s school fees. The loan amount can be up to 50% of the average balance of the account over the last 6 months, and it is repayable in 3 months at an interest rate of 15% per annum.

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Another benefit of this account is that parents or guardians can open it with as little as N500. They can also make a minimum monthly deposit of N1000 to enjoy the interest rate and avoid monthly maintenance fees.

Overall, the U-Care Savings Account by UBA is an excellent option for parents who want to start saving for their child’s future. With attractive interest rates, free insurance cover, and loan facilities, it’s no wonder why many parents trust UBA to take care of their children’s savings needs.

Features to Look for in a Kids’ Savings Account

When it comes to opening a savings account for kids and children in Nigeria, there are certain features you should look for. Here are some important ones to keep in mind:

  1.  No or low fees: Look for an account with little or no fees. This will ensure that your child’s savings are not eroded by unnecessary charges.
  2. Minimum balance requirement: Check to see if the account has a minimum balance requirement. If so, make sure it’s an amount that is feasible for your child to maintain.
  3. Interest rate: A higher interest rate means your child’s money will grow faster. So, it’s important to look for an account with a competitive interest rate.
  4. ATM accessibility: Does the account come with an ATM card? If so, make sure there are enough ATMs available in your area to make accessing the account easy.
  5. Parental controls: Some accounts come with parental controls that allow you to monitor your child’s account and set spending limits.
  6. Educational tools: Some banks offer educational tools that can teach your child about money management. Look for accounts that offer these resources.
  7. Account flexibility: Finally, make sure the account is flexible enough to grow with your child’s changing needs. Some accounts may not allow for a lot of flexibility, so be sure to check before you open an account

By keeping these features in mind, you can choose a savings account that is best suited for your child’s financial needs.

FAQS

Which bank is the best for children? 

Different banks offer children’s savings accounts with various features. Some popular options in Nigeria include First Bank of Nigeria, Access Bank, Zenith Bank, GTBank, and Stanbic IBTC Bank. It’s recommended to compare their offerings and choose the one that best suits your needs.

What is the best bank in Nigeria in 2023? 

Determining the best bank in Nigeria can vary depending on factors such as customer preferences, services offered, and overall performance. It’s advisable to review current rankings and customer reviews to identify the best bank based on your specific requirements. The best banks in Nigeria include First Bank of Nigeria, Access Bank, Zenith Bank, GTBank, and Stanbic IBTC Bank.

Can I open a savings account for my future child? 

Yes, many banks allow parents or guardians to open savings accounts for their future child. This can help in saving money for the child’s future needs, education, or other financial goals.

Which bank has launched kids’ savings accounts? 

Several banks in Nigeria have launched kids’ savings accounts to encourage early financial education and savings habits among children. Some notable banks include First Bank of Nigeria, Access Bank, Zenith Bank, GTBank, and Stanbic IBTC Bank.

Which bank offers the best children’s savings account in Nigeria? 

The best children’s savings account can vary depending on factors such as interest rates, account features, accessibility, and convenience. It’s recommended to compare offerings from different banks mentioned above to determine which one aligns with your preferences and requirements.

What is a child’s savings account called? 

Children’s savings accounts are often referred to as “kids’ savings accounts,” “children’s savings accounts,” or “junior savings accounts.” These accounts are specifically designed for minors and usually come with features tailored to their needs and financial education.

Conclusion

In conclusion, opening a savings account for kids and children is a great way to instill financial discipline and teach them the importance of saving from an early age. The banking landscape in Nigeria offers several options, and we have highlighted some of the best banks to consider in 2023.